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Financial Management Unique to Baby Boomers

Baby boomers are in a tough spot. They’ve had two of the most severe stock market declines in 80 years and they’re now in an investment environment with fixed income yields (such as on CDs or savings bonds) that have never been this low in their lives. To make matters worse, inflation has been (surprisingly) relatively stable. Entering the financial crisis, one could have guessed correctly that we would witness either prolonged deflation or high inflation. In short, we have seen deflation, which has turned into very low inflation and recent figures suggest we are back around the target inflation rate of 3%.

Financial management becomes difficult when you are tired of volatility but on the other hand know that staying in cash means seeing your purchasing power erode whatever the rate of inflation (assuming that your cash does not bring in anything, which is close enough to specify these days).

People who have identified this duality have won half the battle. For those who are retiring or about to retire, they must first identify the risks on both sides of the spectrum. But more than anything, the task ahead of them may come down to the goal of growing your funds at a rate that increases their ability to buy property. Secondly, it is about identifying what these goods are and, more importantly, when they will be purchased. Planning to buy a month’s worth of groceries in 2017 is a different financial goal than the same bag in 2032. It’s a huge tool for self-therapy when markets are volatile and market prices are falling. If you don’t plan to use silver for the next five years or so, often the most responsible thing to do is not to look at it outside of making sure it’s balanced and diverse. Sometimes people may be in investments that should be reconsidered, but this is often of secondary importance to staying in the market.

In early 2009, when the market was sitting on a more than 50% decline, I sometimes had freshly minted adults in their early twenties asking me if they should sell. I would ask them if the Cuban Missile Crisis keeps them awake at night? Are they worried about the nuclear stalemate of the early 1960s? They huffed a little and inevitably said “no”. I would go on to tell them that when they retire in 40-50 years, this market downturn will feel closer to a historic event. Not only that, but you’ll be much more likely to come back to that low point in the market and regret not putting in more money than regret taking money out. Truth be told, when I look back at my career, the advice I gave to these early 20s investors may have the most dramatic impact of anyone I will ever meet. If I managed to dissuade them from panicking, it could have a big impact, mainly because of the length of their investment horizon.

For baby boomers and their financial management, the mindset is not radically different. The reality is that if you are 62 (the average retirement age) and you are married or in a relationship, your life expectancy together is 92 (the average age of the second death). Of course, this can change from person to person if you smoke, are overweight, or live in Denver versus Congo. Generally speaking, retirees face a target of 30 years. If you look at your wallet, what percentage of it will be spent over the next five or even ten years? Even if you assume that there is no growth or inflation, between 66% and 83% of this sum will not be spent in the short term. If you have larger dollar withdrawals in your later years and stocks generally go up even for short periods of time, this means that in reality most of your portfolio (as in over 80%) will not be not spent anytime soon. .

The key to remember is that baby boomer financial management should understand that by simply looking at averages, you still have a long-term goal, even if you retire. It would be a mistake to row with cash because you are locking in purchasing power losses regardless of the rate of inflation.

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